All Forum Posts by: Luke DeLaVergne

@Scott Sprague

Thank you for your perspective as a developer. Living in the South, I was hopeful, but a bit disappointed in the overall price/sqft. Building a modular home should be discounted more than the proposed 15% as mentioned on the webinar. If they could bring that price point down to a level slightly higher than other modular companies, it would become a major industry disruptor IMO. The home designs were stunning and the technology of the homes would be remarkable for younger home buyers.

@Mark Caudill

I listened to the S2A presentation yesterday as well. Very impressive. Cost was higher than I hoped, but I believe this could be a Tesla-like industry disrupted over the next 20-30 years. I’d love to see a video of your tour and hear of your experience in Hemet.

@Deahneece Ridgell

I live near Clarksville. Also a newbie. Since you are much closer to it than I am, I thought I would share that I recently analyzed a property in Huntsville AL, then discovered from the local realtor that Huntsville has a large Corp (can’t remember which) and the headquarters of the FBI relocating there. Anticipating growth to outpace Birmingham. The home I was analyzing was snatched up in 2 days.

Happy holidays, all.

I'm looking at a property in which I can buy the 1st mortgage on a home in the foreclosure process (not yet REO). The 1st mortgage would cost me around $16k, while the remaining total debt is around $80k.

If purchasing the first mortgage, who becomes responsible for the total debt? Has anyone walked through this process before? Any guidance from those who have bought mortgages on preforeclosures is greatly appreciated.

@Barry Owens thank you for your thoughtful reply.

I am looking closely at PreREOs on your site. What I’m confused about is the “total debt.” One property I am exploring is being offered around $14k asking price, but total debt is nearly $80k. This particular home will not likely sell as a flip for more than $50-60k. What am I missing?

If I made an accepted offer, rehabbed the property, rented it out, etc... how much am I on the hook for? $80k in my example?

Also, doesn’t the process of doing all the rehabbing and filling with a tenant make the property that much more appealing to other investors? (Hence, increasing competition for this mortgage I’ve already paid off?)

I could completely be misunderstanding the process, so thank you, in advance, for clarifying these items for me.